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Blockchain technology and the possibility of its use in the financial sector

Vol. 25, Iss. 4, APRIL 2019

Received: 22 January 2019

Received in revised form: 5 February 2019

Accepted: 19 February 2019

Available online: 26 April 2019

Subject Heading: Banking

JEL Classification: A13, A14, D03, E03

Pages: 789–803

https://doi.org/10.24891/fc.25.4.789

Kornilova E.V. Financial University under Government of Russian Federation, Moscow, Russian Federation
goldfi@bk.ru

https://orcid.org/0000-0003-3847-5338

Subject This article analyzes the practices and areas of blockchain technology use in the activities of financial institutions.
Objectives The article aims to consider the possibility of applying blockchain technology in the financial sphere and its efficiency, through analyzing various projects implemented using this technology.
Methods For the study, I used the systems approach, methods of analysis and synthesis, comparison, grouping, and classification.
Conclusions and Relevance The article concludes that despite the rise of blockchain technology in the practice of financial institutions, there is still a wide range of products and services for further development in this area. A lack of legal framework, sufficient number of qualified specialists complicates the process of using the technology. The question of the reliability of the new technology in view of attempts to create redactable blockchain is ambiguous.

Keywords: blockchain, bank, new technology, exchange, security

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